Alternatively, entertainment holding company, Madison Square Garden Entertainment Corp. (MSGE, Financial) weighed on relative resultsin the period. We believe this price action runs counter to the company’s improving long-term fundamental outlook. Management is projecting a record year in the booking business and sees momentum at TAO. We also expect shares to benefit from normalized 2022-23 NBA and NHL seasons, as well as a full-year of online sports betting now live in New York. Looking ahead, we remain bullish on digital access to sports, as well as the opportunity at the Sphere, its coming Las Vegas property. In our view, the underlying value of MSGE’s physical assets coupled with our conviction around management’s expertise make this an attractive opportunity.
From John Rogers (Trades, Portfolio) Ariel Fund second-quarter 2022 commentary.
